Liberty Seated Collectors Club

The E-Gobrecht 2018 Volume 14, Issue 3 March 2018 (Whole #158)

Liberty Seated Ama- zonian Design 2 LSCC Regional Team In Action on the Spring ANA Auction Catalogue

Jeff Ball at the Knoxville, TN Coin Last call for LSCC Show last month (standing at left). Membership Renew- 2 als

Auction News 3-4 Bob Clark hosted the club table at by Craig Eberhart the Long Beach show while Brian Call for Hall of Fame Cushing, our West Coast Regional 4 Director, hosted the club dinner at Nominations The Rock Bottom Brewery on Feb- ruary 22nd (below). LSCC Calendar 5

Regional News 6 by Dennis Fortier

The Curious Collector 7-8 by Len Augsburger

Seated Shorts 8

Quarter of the Month 9 by Greg Johnson

Cracked, Shattered, 10- and Terminal 11 by Benny Haimovitz

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LSCC 13 Information

The E-Gobrecht is an award winning informal electronic publication of the Liberty Seated Collectors Club (LSCC). The LSCC is a non-profit organization dedicated to the attributions of the Liberty Seated Coin series. The LSCC pro- vides the information contained in this email newsletter from various sources free of charge as a general service to the membership and others with this numismatic interest. You do not have to be a LSCC member to benefit from this newsletter; subscription to the E-Gobrecht is available to anyone. All disclaimers are in effect as the completeness and/or accuracy of the information contained herein cannot be completely verified. Contact information is included on the last page.

Page 2 The E-Gobrecht

Liberty Seated Amazonian Design on the Spring ANA Auction Catalogue

Submitted by Len Augsburger. Here is the auction catalogue cover artwork (photo below left) for the Spring ANA Auction in Dallas Texas. It is based on the 1872 Amazonian pattern half dollar (photos below right).

Last call for LSCC Membership Renewals

If you have not paid your 2018 dues, there is still a little time remaining to renew. The spring issue of the Gobrecht Journal will be mailed soon and if you have not renewed, you will not receive this issue. Yearly dues are a bar- gain at $25.

Contact the LSCC Secretary-Treasurer, Dale Miller, at [email protected] to renew.

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Auction News by Craig Eberhart, LSCC #1348

Goldberg's Pre-Long Beach Auction, February 18- 1860-S F15 $2,280. 19. A few Liberty Seated coins of potential interest 1861-S VF20 $2,400. were included in the Goldberg auction including the 1866 VG8 $840. following quarters all graded by PCGS: 1866-S F12 $1,200. 1870-CC G6 $12,600. 1854-O Huge O VF30 $1,998. 1871-CC AG3 $4,560. 1854-O Huge O VF35 $2,174. 1872-CC G4 $2,400. 1858-S EF40 $3,290. 1872-S G4 $2,640. 1860-S VF20 $2,820. Every Liberty Seated half dollar date, except An 1861-O half dollar graded by ANACS as for the 1853-O no arrows, and many varieties were PR60 with a CAC sticker sold for $28,200. This coin represented in this auction. The following list repre- was ascribed to the Dupont collection sold by Stacks sents just a few of these coins. Two 1844-O half dol- in October 1954 where it was also attributed as a lars with the dramatically doubled date (WB-22) were proof. As with many other Branch Mint proofs, the graded by PCGS and sold: the AU50 for $5,520 and existence of this half dollar as a proof is controversial. the VF30 for $3,360. An 1847/6 in G4-P went to a new owner for $2,896. An 1872-CC dollar in EF40-P brought $4,113 while a Carson City trade dollar, an 1876-CC double The following better date Liberty Seated half die in EF45-P sold for $1,293. dollars were also sold: 1855-S VG10 $960. Heritage Signature Auction, February 22-26, Long 1856-S AU53 $1,920. Beach Coin Expo. This auction included a large se- 1866-S no motto: VG8 $564 lection of Liberty Seated coins, 766 by my count, espe- F15 $840 cially half dollars many of which were attributed to the NGC VF35 $990. “Merrill Collection” (but not Bob Merrill auctioneer 1871-CC F15 $1,080. extraordinaire of Heritage and LSCC auctions). The 1872-CC XF45 $1,800. rarest late date Liberty Seated dime, an 1885-S in an 1872-CC AU53 $3,120. NGC MS63 holder, sold for $5,040. An 1877 proof double dime again sold for a strong price: a PCGS A rare 1873 No Arrows open 3 half dollar was PR61 brought $7,320. An 1849-O quarter in PCGS graded VF20 by PCGS and sold for $5,520. Two 1874 F12 sold for $ 3,120. Three additional 1854-O Huge -CC half dollars, both graded VG10 by PCGS, were O quarters were in this auction, but they have often sold for $1,680 and $1,320. One of the rarest Liberty been available below extra fine and, at least for now, Seated half dollars, an 1878-S, was sold [Ed.—To a will no longer be covered in the Auction News. prominent club member] in a PCGS AG3 slab for $24,000.

The following better date Liberty Seated quar- The Liberty Seated dollars were also well repre- ters, all graded by PCGS, were also sold: sented in this auction with multiple examples of many 1851-O F12 $900. dates. This included two 1855s: a PCGS CAC MS62 1857-S VF35 $840. for $14,400, and an ANACS MS60 for $8,400. A com- 1858-S VF20 $720. (Continued on next page)

Page 4 The E-Gobrecht

(Continued from previous page) Two AU58 1873-S Trade dollars with CAC mon date in a rare Liberty Seated dollar grade, an 1859 stickers were sold in this auction. The NGC for -O graded PCGS MS65 sold for $26,400. Three 1870- $1,170 and the PCGS coin for $1,140. An 1876-CC CCs were in this auction, but only one was graded with the double die reverse in an NGC AU58 holder without problems: an NGC XF40 sold for $3,600. An went to a new owner for $3,030. 1871-CC in a PCGS AU53 holder brought $20,400.

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LSCC Hall of Fame—Call for Nominations The Hall of Fame Committee composed of club members Len Augsburger, Bill Bugert, Tom DeLorey, Gerry Fortin, and Mark Sheldon wishes to inform the membership that we are accepting nominations for the Liberty Seated Col- lectors Club’s 2017 Hall of Fame (HoF). Please consider honoring a noteworthy individual to this prestigious distinction for his/her contributions to the club and/or to the advancement of collecting Liberty Seated coinage. Basic qualifications for club member nominees are significant advances in or contributions to at least one of the following four criteria: • Numismatic Research on Liberty Seated coinage • Numismatic Literature related to Liberty Seated coinage • Collection(s) of Liberty Seated coinage • LSCC Club officer (for at least five years).

Previous inductees to the HoF include Kamal M. Ahwash (deceased), John W. McCloskey, Alfred E. Blythe (deceased), Randall E. Wiley, Brian Greer, Gerry Fortin, Jim O’Donnell (deceased), Eugene Gardner (deceased), Jim Gray, and Bill Bugert. This year’s inductee will be announced at the LSCC 2018 Annual meeting. The nominations must be received no later than April 15, 2018 and are due to the HoF Chairman, Bill Bugert, via email at [email protected] or via postal mail at Bill Bugert, 1230 Red Rock Road, Gettysburg, PA 17325-6927 or to Bill via telephone at (717) 337-0229.

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LSCC Calendar

February 27, 2018. Happy Belated Birthday 1878-S half dollars. They were minted 140 years ago to- day.

Early March 2017. Gobrecht Journal Issue #131 mailed to current members.

March 22-25, 2018. LSCC table, social, regional meeting, and educational programs. Baltimore, MD. Whitman Baltimore Spring 2018 Expo, Baltimore Convention Center. Club table at #912 on the bourse floor with exhibit, regional club meeting on Friday, 9 AM, in room 301, educational pro- gram by Bill Bugert on 1843 half dollar die cracks at the regional meeting. Club no-host social din- ner at the M&S Grill on Thursday, 7 PM.

March 25, 2018. LSCC table. Willimantic, CT. Mansfield Numismatic, Prospect School Gymnasi- um, Willimantic, CT. No regional meeting.

March 30-31, 2018. LSCC table, regional meeting, and educational program. Manchester, NH. New Hampshire Coin and Currency Expo, Manchester Downtown Hotel. Joe Casazza hosts the club table. Club meeting and educational program on Liberty Seated Carson City Coinage is on Friday at 2 PM by John Frost.

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Regional News by Dennis Fortier, LSCC #2016 It’s Time once again for the Baltimore Expo

2018 has started off with a We closed out the month with West Coast bang, twenty-two new mem- Regional Director Brian Cushing and Bob Clark in bers have signed up since the Long Beach, for the Long Beach Expo. The club din- first of the year. Thanks in large part to the members er was very active with members coming and going of the Regional Team, interest in Liberty Seated coin- for most of the evening. Brian informs us that it was age is very high and new memberships validate club one of the best attended dinners yet. Bob Clark host- efforts. ed the club table and had lots of activity. The bourse was reported to be very busy on Saturday. February had club tables and educational ac- tivities in Knoxville TN and Charlotte NC, as well as Now comes time for The Whitman Baltimore a club table and dinner at the Long Beach Expo. Coin Expo, March 22-25. The club will have the usu- al host of activities with club table, dinner, meeting, Here’s John Frost’s report on Knoxville: and an educational presentation. The education por- The annual Knoxville Coin Show was held February tion and table exhibit will be Bill Bugert’s die cracks 1-2. This is a small show, but fun to attend. Traffic was on 1843 Liberty Seated Half Dollar. Bill will give the lighter than usual on Friday but was well attended Saturday. educational presentation at the club meeting, Friday, Educational programs on Carson City Liberty Seated Coinage March 23 at 9 AM. The usual club dinner will be were delivered both days. LSCC Premier Membership Medal Thursday, March 22, 7 PM at M & S Grille. Chairman Jeff Ball and Education Director (John Frost) staffed the club table, which had a nice assortment of CC coins Immediately after the Baltimore show follows on display. We had visits from a number of LSCC members, the Willimantic CT show, Sunday March 25. The and despite the fact that this was our 4th year in a row here in LSCC has had a club table at this fine regional show Knoxville, we still signed up two new members! The only down- for years and many old friends and members look for- side was the discovery that our favorite restaurant close to the ward to the club’s display. show had closed. Oh well. Joe Casazza will host the Club table at the John’s Charlotte report: New Hampshire Coin Expo March 30-31. The club The following weekend, we were in Charlotte NC at meeting hosted by John Frost is Friday March 30 at 2 the Charlotte Coin Club’s Annual Show. A well-run show PM. from a bourse perspective, this is the second year the show was back downtown. For the second year in a row, attendance was Club shirts are available for purchase at club on the slow side, probably due to the location, and the need to events ($30) or by mail ($35); contact Dennis Fortier deal with rush hour traffic on Friday and lack of free parking. at [email protected]. Get them while we still have The new facility is also unable to support educational programs. them in stock! We did sign up a new member – a long-time BCCS member has joined the ranks of the LSCC. Still, an enjoyable time was had by all who were there. LSCC website: www.lsccweb.org

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The Curious Collector by Len Augsburger, LSCC #1271

Two Approaches to Collecting

The recent Heritage Feb- it’s worth considering all venues (auction, dealer fixed ruary Long Beach auction sale catalog demonstrates a price listing, etc.) when it comes time to sell. couple different approaches to collecting. You may have heard “that there is no wrong way to collect,” Back to the 1794 half dollars. PCGS Coin which is a nice line for a dealer to use when you are Facts auction prices realized can be used to construct a considering a purchase outside your defined objective. price guide for this issue. I am building this list by tak- Consider these two cases and judge for yourself. ing a rough average of PCGS-graded coins recently sold at auction (not including Long Beach results). Case #1: The Hoarder. Outlier prices indicating especially PQ examples are not included: Included in this sale were a sizable number of 1794 half dollars – 24 pieces in the premier session G4 $3,750 and another 15 in the session three. A few of these VG8 $5,500 were ex. Terry Brand, who was a hoarder of this date. F12 $8,000 Applying Breen’s rule for survival (1% for gold, 2% VF20 $12,000 for silver, and 3% for copper), the existing population VF30 $20,000 of 1794 half dollars is about 470 pieces, meaning that a EF40 $33,000 substantial portion of all surviving specimens appeared in this sale. The catalog reports multiple consignors Now let’s see what happened in the Long (Merrill, Loma Linda, Brand, Property of a Lady), and Beach sale, again looking at just the PCGS coins. this demonstrates some of the vagaries of selling through auction – what happens if your consignment G4: Three pieces sold, one being a rare variety that doesn’t match up so well with other consign- we’ll disregard. The other two sold for average of ments? Maybe you have tried to create a definitive $2,670. variety set, and it gets combined with a hoard. Note VG8: Three pieces sold, average price $4,320. how the “monster” collections (Newman, Gardner, F12: One sold for $60,000 (a rare variety), the other etc.) are sold – essentially the consignors have the abil- sold for $5,640. ity to call all the shots if they wish. They can determine VF20: One sold for $11,400. This was a nice coin with what groups get sold together, the timing of the dis- CAC certification. persal, as so on. As you go down the totem pole in EF40: There were no PCGS coins at this level, but an terms of total value, your ability to dictate selling terms NGC XF40 and XF45 averaged $25,350. falls accordingly. Auction houses are of course incen- tivized to maximize the value of all consignments, but We do not have a sample size of hundreds of clearly they are going to deliver the best terms to the coins here, but the data such as it is suggests the mar- best consignors. If you consign a small number of ran- ket for lower graded pieces was detrimentally impacted dom coins, you are pretty much at their mercy in by this sale. Let us review again the lessons of coin terms of what sale they are going to appear in and how hoarding: they will be presented. Comparison shopping is key, so (Continued on next page)

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(Continued from previous page) in the set clearly convey what he got excited about – an 1872-S quarter in PCGS G4, 1860-S in PCGS F15. a. Do not tell a single soul what you are doing. 1849-O in PCGS F12, etc. These are hard coins to find b. Buy through multiple dealers and auctions. on the bourse floor, and it would have been nice to see c. Do not sell them all at once in a public venue. the entire set in a single presentation within the auction d. Make sure your estate administrator understands catalog. In any case, let’s see how the CCs stacked up rule (c). the values in the PCGS price guide:

Case #2: The Collector. 1870-CC, G6: $12,000 1871-CC, AG3: $3,500 After collecting something for a long time, you 1872-CC, G4: $1,800 can read an auction catalog presentation and get a pret- 1873-CC, AU55: $76,000 ty good feel for a collector’s motivation. Such was the case with the E.B. Strickland seated quarters in the With the obvious exception of the 1873-CC Long Beach sale. I am always drawn to the early Car- problem coin, one can see that performance of these son City quarters first: legitimately rare coins (ever more rare in no-problem PCGS holders) is very much in line with current mar- 1870-CC: PCGS G6 ($12,600) ket values. The 1871-CC if anything is underrated, and 1871-CC: PCGS AG3 ($4,560) the strong price realized here demonstrates the “entry 1872-CC: PCGS G4 ($2,400) level” effect – collectors forming sets of no-problem, 1873-CC: PCGS Genuine, AU detail / plugged slabbed coins are all competing to fill that hole in their ($13,200) collection. These collectors are accustomed to paying mid 3-figure money for most of their coins, and there I want to first point out that this set was split are a fair number of them in the market when an 1871- up in the sale – two coins (1871-CC, 1872-CC) in the CC in PCGS AG3 makes an appearance. Note that the regular session and two coins (1870-CC, 1873-CC) in “entry level” factor plays a lesser role in higher grades the “premier” session. How awful is that? I love Herit- – a major dealer in seated coinage recently sold a age and truly admire their infrastructure and processes PCGS F12 1871-CC quarter at $17,000, vs. the PCGS but let’s face it – sometimes in the auction world it is guide value of $16,000. In other words, the F12 was better to act more like a business and less like a collec- 6% over guide while the AG piece was 30% over. It is tor. A pity this set was so broken up in the presenta- something to think about when forming a set – you tion. In any case, you immediately “get” what this col- may well be better off paying up for the mid-grade coin lector is attracted to – no problem, rare date quarters. to begin with. We have to give Mr. Strickland a pass on the 1873-CC quarter – this piece was one of the most-detailed in existence, and the plug was deftly applied. Other coins

Seated Shorts

From LSCC member Dan Rathert, LSCC #2480: I continue to be impressed by the wealth of expe- rience and knowledge that it takes to write (and edit) the articles in E-Gobrecht. For the February issue, my favorite article was the Coin School commentary by Len. Since I do not focus on Lib- erty Seated coins, information that I can apply to any series of coins is especially useful to me.

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Quarter of the Month by Greg Johnson, LSCC #1460 The 1847/47 DDR Quarter Dollar

The 1847 quarter has been the topic of this monthly when looking into other pairings of the two individual column a number of times, starting with a discussion dies that make up the 1847/47 DDR. of the 1847/47 Doubled Die Reverse (DDR) Top 25 variety back in 2012. Most recently, the July 2017 col- Larry Briggs, in his book “The Comprehensive umn was an overview of the 1847 die marriages. As Encyclopedia of United States Liberty Seated Quar- discussed in that most recent article, I have been ters” (Lima OH 1991), lists each of the dies making working on a die study, which is now complete. I up the 1847/47 DDR die marriage as pairing with should say, as complete as a die study ever gets, or to others to created two additional die marriages. As I put it another way, “complete enough to publish with- mentioned in the July 2017 column, I have looked at out fear that I’ve missed any common d i.e. marriages hundreds of 1847 quarters over a time period that is or so many die marriages that the total number will now well over a decade and have not found a single double within the next two years.” Due to personal, example of the 1847/47 obverse paired with any other work-related issues (translation: “my company has just reverse. I doubt its existence, but anxiously await the been acquired”) it may be some time before I get the removal of those doubts by someone showing me an images and commentary assembled into a coherent example. The big surprise, as I searched through the article for the Gobrecht Journal. Heritage archive and my notes, was the extreme rarity of the Briggs 1-A die marriage. That marriage pairs So, with that in mind, this month’s comments the Doubled Die Reverse with an obverse die (Briggs are a preview of what I found most interesting. I do Obverse 1) that does not have the 1847/47. I pur- want to point out that there is plenty more to discuss chased Briggs’ plate coin from Dick Osburn in 2006 in the full article, with no less than ten business strike (and still own it) and so did not have the 1-A die mar- die marriages and three distinct compass point revers- riage as a high priority as I attempted the die marriage es. The most surprising observation to me, though, set. My coin, pictured in Briggs’ book for the 1847 was with respect to the 1847/47 DDR die marriage date, remains the only example that I have ever seen shown. The die marriage, though not common at all in hand; with only one other example confirmed in in any absolute sense, is relatively common by the the Heritage Archive. I look forward to sharing the standards of seated quarter die marriages. It appears rest of what I’ve learned about 1847 quarters as work to account for about 15% of 1847 quarters. It has and life permit. never been that easy to find an example so that was in itself a bit unexpected. However, the surprise came

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Cracked, Shattered, and Terminal by Benny Haimovitz, LSCC #2494

1875-S (In Wreath) Dime, F-101, R3

The San Francisco Branch Mint produced dimes with Die cracks almost completely encompass the mintmark placement both in and below wreath in the obverse with the most significant diagnostic features overall mintage of 9,070,000 pieces in 1875. The ob- appearing in and below the lower portions of the verse of the in-wreath F-101 is early die state and alt- wreath and bow. The strongest crack that exits hough it presents a very well struck image of Lady Lib- through the rim on both sides of the bow will ulti- erty, the reverse is a far more interesting affair. mately become a retained cud in late / terminal die state (F-101B).

(Continued on next page)

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(Continued from previous page)

Additional strong die deteriora- tion occurs in and along the left side of the wreath with a small internal cud formed above the leaf at about K-10. This example also appears to have in- ternal die cracks in the ON of ONE.

Die state diagnostics courtesy of Gerry Fortin. Images courtesy of Heritage Auctions, with this example graded as MS62 by PCGS.

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Liberty Seated Collectors LSCC Mission Club To encourage, promote, and dispense numismatic National Officers knowledge of the Liberty Seated coins; to culti- President vate fraternal relations among its members and Gerry Fortin all those interested in the science of numismatics. [email protected]

Vice President Leonard Augsburger LSCC website: www.lsccweb.org [email protected] LSCC email address: [email protected]

Secretary / Treasurer Dale Miller [email protected] LSCC Membership Information. Dues are bargain priced at $25 per year and include three issues of the Gobrecht Journal, an award winning numismatic publi- National Positions cation. To join the Liberty Seated Collectors Club, for Publications Editor Gobrecht Journal mailing address changes, or for other Bill Bugert membership questions, correspond with the LSCC Sec- [email protected] retary/Treasurer. P.O. Box 242 Fairfield, PA 17320 (717) 337-0229 Articles, comments, or advertisements for publication in the Gobrecht Journal may be addressed to the LSCC Carl Feldman Publications Editor. [email protected] Membership Chairman Information, input, comments, or suggestions for im- John Frost provements to this E-Gobrecht are actively solicited [email protected] from anyone and may be sent to the LSCC Publications Education Director Editor.

Dennis Fortier [email protected] To be added or removed from the E-Gobrecht mailing Team Leader, list, send an email message with the words Regional Directors "Subscribe/Unsubscribe" in the subject line of the mes- sage to: [email protected]. Jason Feldman [email protected] Director, Wanted: Material for this newsletter! LSCC Southern Region Please consider submitting something for print. It need Steve Petty [email protected] not be elaborate; it can be something as simple as a Director, short note on your favorite variety, neat find, nice cher- LSCC Central Region ry pick, happenings at a coin show, rare Liberty Seated coinage coming up for auction, etc. If you are interest- Brian Cushing [email protected] ed in it, rest assured, others will be too! Sharing infor- Director, mation is a goal of this newsletter and you need not be LSCC Western Region an experienced or famous writer to submit something. This is a continuing plea. Joe Casazza The E-Gobrecht is not copyrighted; use its con- [email protected] Director, tent freely but please be sure to quote the E-Gobrecht LSCC Northeast Region and the Liberty Seated Collectors Club.